As a researcher with a background in cryptocurrencies and market analysis, I find the recent price drop of Notcoin (NOT) concerning, especially given its impressive performance in the past month. However, I also acknowledge that the crypto market is inherently volatile, and corrections are a natural part of the cycle.
In the past 24 hours, Notcoin’s native token, which gained popularity through the viral Telegram game called Notcoin, experienced a 14% decrease in value. This downturn occurred amidst a slow cryptocurrency market and a dip in Bitcoin (BTC) price, falling below $66,000.
The cryptocurrency has experienced a decline of nearly 14%, currently priced at $0.01759, representing a 5.34% drop over the last week. Yet, this altcoin has impressively gained 160.95% in value during the past month, making it one of the top-performing digital currencies.
As the value of NOT (Notcoin) decreased sharply, there was a noticeable increase in the value of meme coins connected to The Open Network (TON). This surge occurred following TON’s integration with Telegram, granting it access to the platform’s extensive user base of approximately 900 million.
As an analyst, I’ve observed a notable decrease in the value of NOT token, which dipped from a peak of $0.021 to $0.01744. This decline was accompanied by a substantial sell-off among its holders, leading to a 22.24% reduction in trading volume. With a market capitalization of $1.81 billion and currently ranking at the 49th position, if selling pressure persists, we could potentially see this altcoin fall out of the top 50.
As a researcher, I’ve observed that Notcoin (NOT) is currently trading 39.19% lower than its all-time high, which was reached fifteen days ago at a price of $0.02896. After being listed on Binance, the world’s largest cryptocurrency exchange by trading volume, NOT experienced this significant price drop.
From my perspective as a researcher analyzing the NOT/USDT pair using TradingView, I’ve noticed that the Relative Strength Index (RSI) is currently at 54.73. This indicates that the buying force has control over the NOT price movement at present. It’s important to note that this altcoin has been in an overbought and bullish phase on the RSI band for some time now, which some analysts have predicted would result in a correction.
Notcoin (NOT) Sees Positive Developments
According to a recent post on social media platform X, over 11.5 million individuals are reportedly in possession of Notcoin (NOT) tokens. This number encompasses those who obtained the tokens through airdrops, purchases on cryptocurrency exchanges, or as rewards.
Additionally, Notcoin (NOT) announced in a recent post that players who staked for the Gold and Platinum tiers of the game will receive extra rewards. Further information about these incentives is set to be disclosed this week. As previously stated by Notcoin, “the more you contribute to Notcoin, the more benefits you reap.”
The W3Vibes account on X platform noted that the recent drop in token prices was largely due to individuals collecting their rewards from a staking period and subsequently selling their tokens. Yet, the post mentioned that the quantity of tokens being sold in this wave isn’t particularly substantial.
The first X user, drawing attention to the substantial past purchase amounts, predicted with confidence that the market would readily absorb this surge of sales. Meanwhile, @Brainsofweb3 among other X users maintained that those who had claimed airdrops and subsequently sold their holdings had inadvertently created a buying opportunity for investors, potentially leading to a new record high.
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2024-06-17 14:49